Angel Investor Spotlight: Kevin and Kenzie Bergeron

Wondering who these crazy people are that keep investing in local startups? Well we’ve been asking ourselves the same question. We’d like to share what we’ve been learning from our own Startup TNT investment community. They have tips to share with founders and first-time investors on investing (and life!).

Next up are Kenzie and Kevin Bergeron, a supremely cool couple that I got to sit down with and chat with earlier this month. They’re SO NICE… I wanted to sit down and have beers with them and hang out all day. Alas, I am in Edmonton and they’re in Saskatoon, so that’s not meant to be. 

Kenzie has spent the last 15 years focusing on insurance and financial services. But she’s also an entrepreneur who has a tech startup called ‘Well’N’ and an investment company called SilveRock Investments. Kenzie has invested in over half a dozen SK companies in the last 2 years, and on top of all of that, she’s also a mom to 3 kids under 6! Seriously, when do you have time to sleep, Kenzie??? 

Kevin is currently the President & CEO of miEnergy, one of Western Canada's leading renewable energy EPCs. Kevin also co-owns and operates Polar Refrigeration, Greenline Electric, as well as SilveRock Investments. Kevin is a born and raised Saskatoonian, and on the way to be a busy busy entrepreneur, he snagged a degree from the College of Commerce with a triple major in Finance, Business Economics and Marketing, completed the Executive MBA program through the Kenneth Levene Graduate School of Business in Regina, AND holds his 4th Class Power Engineering Certificate and Process Operator Certificate from SIAST in Saskatoon. All of that, and father to 3 kids too. 

Kenzie and Kevin are such a power couple and I’m so glad that I got to pick their brains about angel investing. 

AA: So let’s kick this off! Why do you choose to do angel investing? 

Kenzie: For me, there are 3 reasons. Obviously there are potential financial returns, but more importantly, it gives us the opportunity to be part of the community and around like-minded people, and to have great conversations about companies and strategies, etc. And for me specifically, when we first became involved in angel investing, I often would not see other female angel investors at the table. When there is little representation from female investors, it creates barriers both for female founders trying to raise capital as well as recruiting new female angel investors. The more diversity we have in our ecosystem, the more successful it will be.

Kevin: I echo what Kenzie said on the first two points, and for me, it’s also the problem-solving component. I am the type of person where I can’t stop moving—I’m always thinking and strategizing and looking for a way to do things better. Which is part of why the startup world is so intriguing for me. It broadens my views and gives me inspiration for the way people are trying to solve real world problems. I immerse myself in how they do things and how I can help. 

AA: What do you think is important for first-time angel investors to know? 

Kenzie: That working together in TNT is really helpful, because you’re in a group. There’s a lot of barriers in angel investing, and knowing that you can be part of a due diligence process, and you can hear from other perspectives, and gain education, it is really valuable. It allows you to broaden your perspective and be exposed to different expertises. 

Kevin: I think first-time angel investors need to know that it can be hard, because you don’t know where to start. You just have to go out on a limb and try it. Also, everyone tends to start with the thought that angel investing is risky and you might lose your money. While that’s true, you have to flip the script and look at the benefits. Keep an open mind, and think about the fact that you’re going to be immersing yourself in a community, increasing your network, learning new things, etc… instead of just thinking of it as pure financial play. 

AA: And what are some of the big investing mistakes someone can make? 

Kenzie: Sometimes as investors, you can get lost in the problem and how important it is, and how the tech can solve this big problem. Instead, I think you should look at the leadership and the team behind the tech. Because you can have the super important problem, the best tech and the data, but without the right leadership in place, it can fail. 

Kevin: I think a big issue is that investors will ignore red flags because they’re emotionally connected to the problem/tech, or personally connected to the founder. 

And a second big issue is not being unique with your own investment philosophy. A lot of investors will try to replicate or try to use someone else’s perspective when they’re making their decisions. Instead, investors need to define their own roadmaps of what’s important to them and what they want from a deal. They need to know how to analyze and what are the quantifiable measurements that will help them to decide where to invest. 

AA: What should founders/startups keep in mind when pitching their companies or ideas? 

Kenzie: Pitches are so short, just 2–5 minutes, and founders get lost in using industry terminology or in big explanations, and they never get to the core of what their product is. Founders will use high-level terminology or abbreviations to make themselves look smarter, which can confuse investors, and also doesn’t translate properly to the audience in such a short amount of time. Founders need to hook investors in so that AFTER the pitch, they’re willing to go and do the due diligence. They need to hone in on their messaging and understand that the person/people you’re pitching to, might not have the same background knowledge that you have. 

Kevin: Agreed. You need to hit it big and get the messages right. Once you get past the pitch, and get into due diligence, you can get deep into data and tech and terminology. But don’t go deep and complex in pitches. They confuse investors because they don’t have the context that founders have. Simplify the message and really try and understand what the investors need to know, vs what you, as the founder, wants to talk about. 

The best pitches tell a story, and leave the audience wanting more. 

AA: Why do you think it's important to invest in local companies? 

Kenzie: We’re both born in Saskatchewan, and we’ve chosen as a family to keep our roots here. We want to see the people around us succeed, and also see our kids, and the future generations succeed. We want to create a legacy of success for Saskatchewan. 

Kevin: And investing in the local ecosystem is just part of who we are as people. We want to lift others up around us. The best situation is when everyone is collectively working together to make the world better. I think the startup community really facilitates that… the community is trying to solve problems to make the world a better place, and since they’re starting small and starting locally, the local community is the one to benefit first. 

Also, in our own entrepreneurial journeys, there have been a lot of people to help us out, in small and big ways. So it’s time to pay it forward. Little things on a daily basis can really change the momentum and make a difference. 

AA: Lastly, what makes TNT different from other investing groups you've been part of? 

Kenzie: The group dynamic that I mentioned above… It's so key and a differentiator. It gives us a chance to discuss and challenge others, and have a constructive feedback loop. 

Kevin: It also challenges me as an investor. I’m naturally biased to cleantech, but what interests me are the industries I get to learn about. If I was a single investor, I wouldn’t challenge myself as much as I do with TNT and the Investment Summits you have. 

AA: Thanks so much for your time today, friends! I really appreciate all of your insights and your kind words!